NorthMarq's Tampa office arranges $14.825 million in Tampa and Ocala, Florida

Sunstate Industrial Park & Triple Crown Plaza
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TAMPA (January 20, 2014) – Robert Hernandez, managing director of NorthMarq Capital’s Tampa regional office, arranged two mortgages totaling $14.825 million for Sunstate Pioneer Industrial Parks and Triple Crown Plaza. - Sunstate Pioneer Industrial Parks, a 332,143 sq.ft. industrial park located at 4891-4907 West Waters Avenue, 8404-8434 Sunstate Street, and 5402-5444 Pioneer Park Boulevard, Tampa, Florida. was financed with a 3-year term. The transaction is value add with a loan amount established considering the entire capital stack to include purchase price, TI/LC and interest carry. NorthMarq arranged financing for the $11.3 million loan for the borrower, WM Industrial Portfolio, LLC, through its relationship with a correspondent life company. Worldwide Parts and Associates is the major tenant. “The total cost, tenant role and equity to debt ratio changed several times throughout the course of due diligence,” said Hernandez. “Therefore, it required cooperation and flexibility from the lender, developer and equity partner to finalize the transaction.” - Triple Crown Plaza is a 27,975 sq.ft. retail property, located at 11100 SW 93rd Court Road, Ocala, Florida. The $3.525 million acquisition loan was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower, Morni Ocala, LLC through its relationship with a CMBS lender. Major tenants include IHOP and Beef O’Brady’s. “This is the third transaction we have financed for the investor and the first time they have borrowed from a CMBS platform,” said Hernandez. “Both lender and borrower had to remain flexible and accommodating making the transaction possible. The lender’s flexibility concerning their documents and the borrower’s tenacity in getting the seller to perform in a timely manner allowed this transaction to close prior to year’s end as required by the loan commitment.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.

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